Ethereum Whales Bulk Up ETH, Drain Exchanges as $4.5k Looms
Ethereum whales have accelerated ETH accumulation, boosting their holdings by 14% over five months—including a 260,000-ETH spike in 24 hours—while withdrawing record amounts from exchanges. Mid-August saw 2.8 million ETH exit platforms, followed by 500,000 ETH last week, reducing sell-side pressure. Funding rates near 0.02 reflect growing long positions. Price action shows a breakout above a multi-year resistance line, now retested as support. Traders eye the $4,500 level: a decisive Ethereum whales-driven break could ignite spot demand toward $5,000 and potentially $7,000, according to analysts. Key signals—whale activity, exchange outflows and funding rates—suggest bullish momentum. Monitor whale balances, exchange flows and price resistance for entry and risk management.
Bullish
The significant ETH accumulation by whales—14% over five months and 260,000 ETH in one day—combined with record exchange outflows and elevated funding rates, tightens supply and signals strong long-term conviction. The breakout above a multi-year resistance, now acting as support, underpins short-term momentum toward the $4,500 test and a potential rally to $5,000–$7,000. Continued whale hoarding and low exchange balances create a bullish backdrop for both immediate and extended price appreciation.